A Gold Bloodbath
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It wasn't long ago that gold was on a beeline to $2000 per ounce, now the precious metal is having a hard time keeping key technical levels.
February 2012, the most active gold futures contract, last traded down $92.60 to $1570.50. Gold started the month around the $1750 level.
It would be no understatement to suggest that this week's price action in gold has shaken the confidence of even some of the most loyal goldbugs.
The sell-off is related to dollar strength, exacerbated amid no QE3 news from Ben Bernanke and the U.S. Federal Reserve.
Gold fell below key technical levels today, including the 200 moving average.
The move is gold also wrecked havoc on the charts of Gold-related ETFs and gold mining stocks:
SPDR Gold Shares (NYSE: GLD) is down 3.8%, NovaGold (NYSE: NG) is down 6%, Barrick Gold (NYSE: ABX) is down 5%, Kinross Gold (NYSE: KGC) is down 3.2%, Newmont Mining (NYSE: NEM) is down 2.3%, and Goldcorp Inc. (NYSE: GG) is down 2.6%.
February 2012, the most active gold futures contract, last traded down $92.60 to $1570.50. Gold started the month around the $1750 level.
It would be no understatement to suggest that this week's price action in gold has shaken the confidence of even some of the most loyal goldbugs.
The sell-off is related to dollar strength, exacerbated amid no QE3 news from Ben Bernanke and the U.S. Federal Reserve.
Gold fell below key technical levels today, including the 200 moving average.
The move is gold also wrecked havoc on the charts of Gold-related ETFs and gold mining stocks:
SPDR Gold Shares (NYSE: GLD) is down 3.8%, NovaGold (NYSE: NG) is down 6%, Barrick Gold (NYSE: ABX) is down 5%, Kinross Gold (NYSE: KGC) is down 3.2%, Newmont Mining (NYSE: NEM) is down 2.3%, and Goldcorp Inc. (NYSE: GG) is down 2.6%.
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